CHICAGO (Reuters) - Walgreen Co reported higher-than-expected quarterly earnings on Tuesday, helped by strong prescription drug sales, sending its shares up nearly 8 percent in premarket trading.
The biggest U.S. drug store chain said prescription sales at stores open more than a year rose 1.6 percent despite difficult comparisons to last year, when a swine flu pandemic boosted demand for medicines, tissues and other products.
Walgreen, which acquired New York chain Duane Reade earlier in the year, said gross profit margins increased, helped by stronger prices for general merchandise and a plan to cut costs.
Net earnings for the fourth quarter ended August 31 rose to $470 million, or 49 cents per share, compared to $436 million, or 44 cents per share, for the same quarter in 2009.
Analysts on average expected earnings of 44 cents per share, according to Thomson Reuters I/B/E/S.
Walgreen, which operates about 7,500 stores in the United States, said revenue increased 7.4 percent to $16.87 billion. Analysts were expecting $16.84 billion.
Sales at stores open at least a year rose 1.5 percent.
The company, along with competitors CVS Caremark Corp
Walgreen shares rose to $32.71 in premarket trading, up 7.8 percent from a close of $30.35 on Monday.
(Reporting by Emily Stephenson; editing by John Wallace)
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